Income Tax Penalty - Page 3

ITAT Deletes section 271C Penalty for Failure to Deduct TDS on LTA

Canara Bank (Erstwhile Syndicate Bank) Vs ACIT (ITAT Bangalore)

The issue under consideration is whether the penalty u/s 271C levied due to failure to deduct tax at source (TDS) on LTA paid to employee is justified in law?...

Read More

Mere Rejection of section 35D claim not amounts to Concealment of Income

DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai)

DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai) The issue under consideration is whether the CIT(A) is correct in deleting the penalty levied u/s 271(1)(c) on the disallowance of expenses made u/s.35D? ITAT states that, the assessee claimed deduction of preliminary expenses u/s 35D which was rejected by Ld.AO in terms of decision of Hon’ble Madr...

Read More

Section 271(1)(c) Penalty proceedings not sustainable if not specifies Limb

Balaji Telefilms Limited Vs. DCIT (ITAT Mumbai)

Balaji Telefilms Limited Vs. DCIT (ITAT Mumbai) The issue under consideration is whether the penalty proceedings u/s 271(1)(c) without specifying the limb will be sustain under law? ITAT states that, it has been held by Hon’ble Court that the notice would have to specifically state the ground mentioned in Section 271(1)(c) of the Act na...

Read More

Section 271(1)(c) Penalty Justified if Assessee not Acted Bonafidely

Gangotri Textiles Ltd. Vs. DCIT (Madras High Court)

Gangotri Textiles Ltd. Vs. DCIT (Madras High Court) The issue under consideration is whether the penalty u/s 271(1)(c) levied by the assessing officer is justified in law? In the present case, the assessee did not disclose about the sale of the lands and windmill in the return of income, which was clear from the perusal […]...

Read More

No section 271B Penalty for Not Getting Books Audited if Reasonable Cause exist

Shree Balaji Construction Vs DCIT (ITAT Indore)

whether assessee can be held liable u/s 271B of the Act for not getting the books audited during the years when the advances were received from customers under percentage completion method?...

Read More

No section 271(1)(c) Penalty Merely based on section 37 disallowance

DCIT Vs Maharashtra State Power Generation Co. Ltd. (ITAT Mumbai)

The issue under consideration is whether the cancellation of the penalty u/s 271(1)(c) by the CIT(A) is justified in law?...

Read More

Avoid Heavy Penalty: Ensure Timely Filing of Tax Return

Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any oth...

Read More
Posted Under: Income Tax | ,

Penalty on CA & professionals for incorrect report or certificate

It is proposed to insert a new section 271J so as to provide that if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a sum of ten thou...

Read More
Posted Under: Income Tax |

Validity of Penalty Notice- Continuing Saga

The Bombay High Court has in its order dated 12th June, 2020 in the case of Ventura Textiles Ltd (ITA No.958/2017) has given a fresh perspective to the controversy of validity of penalty notice under section 271(1)(c). In the past the courts have held that if the show cause notice proposing penalty under section 271(1)(c) do not clearly s...

Read More
Posted Under: Income Tax |

No Section 271(1)(c) Penalty on Income Taxed u/s 115JB Before AY 2016-17

Flemingo Travel Retail Limited Vs DCIT (ITAT Mumbai)

The issue under consideration is whether the penalty notice u/s 271(1)(c) issued to the assessee who has taxed his income as per provision of section 115JB pr 115JC is justified in law?...

Read More

Browse All Categories

CA, CS, CMA (5,716)
Company Law (7,667)
Custom Duty (8,713)
DGFT (4,623)
Excise Duty (4,528)
Fema / RBI (4,815)
Finance (5,185)
Income Tax (38,424)
SEBI (4,132)
Service Tax (3,779)

Search Posts by Date

September 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930